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20121027
20121104
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story this evening, four days before election day. and the race between president obama and mitt romney could not be any tighter. >> four more days! four more days! >> all right. the president today telling his liberal supporters that the mere mention of governor romney to exact revenge. >> no, no, no. don't boo. vote. vote. voting's the best revenge. >>> and thank you, again, vice president joe biden, for yet another gift. >> there's never been a day in the last four years i've been proud to be his vice president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the la
satisfied with their service? president obama spoke to our next guest yesterday from the situation room about how to eliminate any bureaucratic roadblocks that delay the power restoration effort. here now is tom coombs. you're regulated at the local, state, and federal level. the prices you charge are regulated. the terms of your service are regulated. your construction plans are regulated. your investments are regulated. do all of those facts when i put them together with year after year we see americans living for a whole week without power, are they connected? >> well, i think the u.s. utility industry invests some $20 billion a year in the transition thing. we do have to get approval from regulators, but the regulators have been very understanding and the need to keep reliable service, which is issue number one, but you can build the best electric system, which we have, but something like hurricane sandy comes along with extended winds that knock down power lines, with title surges that go into the tunnels in new york, with major two feet of snow out in west virginia. and it's going
-- i guess it depends on the scenario, but if president obama is reelected, will he let it expire so he has more lechblg to lower rates even if he doesn't do so on the super wealthy. how much does the gamesmanship matter? about we go over the cliff, what market impact is that likely to have? >> the market impact in terms of you have a xwchgdp impact of fio seven percentage points. so the market impact can be enormous. the longer you have uncertainty, the longer you hold back treasuries and the greater potential for the fed to come in and extend qe. >>. >> who is more likely to resolve the issue from a market point of view? >> i think romney may have to wait whereas obama probably does it a little bit sooner. >> if you're just joining us, final set of numbers on on the u.s. jobs market before the election will be out in just a few hours. >> stocks in europe into the green. >> and raising costs of sandy. one estimate now puts losses from the storm at $60 billion. >> and trade link, we'll hear from the chairman of the investment correspond naturing boa coordinating board of how the country
or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we know this is one of the hartest hit areas. with you tell us how extensive the damage is? >> all of those popular summertime vacation communities are cut off from society. and there are stand reminders, bits of people's lives ripped to shreds. people here beginning a third day without power. millions of people throughout the state have no power. they are really getting ready to get back to life as normal. many walking around just wanting to get over to the jersey shore, those that have being a straighted, straigh to see what was left. and they can't do it possibly for a couple days because of the safety issue. just yesterday we got to see the streets filled with sand and the homes ripped from the foundat n foundations as emergency crews went door to door to get everyone out. now they're focused on the restoration, making those communities safe so they can begin letting people to get back to their homes to see what
sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimated to be $50 a billion. that according to a disaster modeling company. ranking it second only to hurricane katrina. the death toll from hurricane sandy leaves 92 across the usa. the number of that continue
. locking the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furious and they turn on the government. the government can just not handle the huge, huge logistical requirements that happen after a storm like this. could this actually turn on the president at some point here? >> reporter: i don't think so. i think what the president has had the opportunity to do is show americans that he was involved in an effort that the country was rallying behind and do his job in a way that got praise by the keynote speaker at the republican convention, chris christie, very tough critic of
the jersey shore, were the hardest hit. president obama will tour damage in atlantic city today. new york's subway system is flooded and will remain shut indefinitely. new jersey transit is also suspended. amtrak will resume limited regional service, but not to manhattan because of flooded tunnels. jfk and newark airports will reopen with limited service. airlines will resume service at other eastern airports. a.i.r. worldwide is putting the estimated insured losses at $7 billion to $15 billion. the u.s. financial markets, as we mentioned, will reopen today. the u.s. stock exchange says they didn't suffer any damage. goldman sachs will open its headquarters in lower manhattan, though it is still running on generator power. b of a will keep their offices closed, and citigroup says its office in lower manhattan sustained extensive flooding. joining us for a firsthand look at the damage from new york is scott cohn. i know it's still dark around you, but what kind of damage are we seeing? >> well, kelly, a lot of what you just outlined s the reason that this is -- that this city is barely str
for the past two days. president obama will be looking at the devastation with dpgoverr chris christy in new jersey. let's get to todd gross tonight who is tracking the storm over the new york east. >> reporter: you may not believe this. sandy won't quit. if you look right here, there is a new belt of showers and thunderstorms that have formed. gusty storms that are affecting that wart of the country. even the north eastern united states on the coast line is in part of the storm. right in through chicago coming in through the great lakes that is where the winds are funneling in from the north. same winds edge of the storm that moved in on the coast line. that is number two. and three of course, we have a lot of air play in through here. let's zero in on west virginia. it is not only snowing there, they have had over two feet around 30 inches of snow. if you look at the video, from west virginia and from the western pan hand handle of mary they have had not only 30 inches of snow, but another foot that is going to come in the next 24 hours. even though the really big punch from sandy is over,
you, thank you so much. >> with the election on tuesday, just four days from now, president obama and mitt romney getting ready to weigh in on the jobs report. we'll bring you live coverage of each candidate's remarks. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. ♪ welcome to the world leader in derivatives. welcome to superderivatives. >>> welcome back to "squawk on the street." september factory orders hit the wires up 4.8%, a couple tenths better than expectations. and the august number was a big minus, minus 5.2 now 5.1. sow factory orders joins data that is better than expected. carl, back to you. >> rick
money and the election. the power of the presidency. what obama or romney would mean to the markets or economy. then the bombshell accusations by a banker turned whistle employeer. my interview with greg smith about why he left one of the most prestigious firms in world and the charges he makes. and cooking up the formula for success for small businesses. "wall street journal" report begins right now. >> here's a look at what's making news as we head into a new week. some encouraging news about the economy. the cross domestic product grew up 2%. the broadest overall measure. economists were expecting a growth rate of 1.8%, the number booming by increase in spending and stronger housing market. the dow falling nearly 250 points on tuesday after poor earnings news an the market was plate later in the week. big multinationals did not farewell. guidance was light. boeing and proctor and gamble beat expectations. among technology and internet company, yahoo! and facebook beat expectations -- the company introducing the ipad mini, smaller and lighter than the full size ipad and listing fo
will take care of itself next week. >> president obama speaking a few moments ago about preparations for hurricane sandy and how it might affect the election. big storm forcing him and governor romney to cut short campaigning for today. what impact will sandy have on the voting and the elections? our chief washington correspondent john harwood joins us. hi, john. >> president obama's campaign hopes it is going to help him for two reasons. one, that he gets to fulfill the role as commander in chief and ahead of the federal government help states that are affected by this, but also because they think they're winning this race in the battlegrounds and that effectively the race is frozen. now governor romney was out in ohio today, campaigning, making some arguments about the auto bailout which has been an issue that's helped president obama in the state of ohio. but the problem for mitt romney and anyone else participating in the campaign right now is all the coverage is drowning out anything that politicians say. we are locked in a very tight race. we had two new polls out this morning,
is going to touch down in new jersey. it is of course bringing president obama here for a tour of the damaged area from hurricane sandy. part of that tour will be by helicopter and this is what he will see when he flies above seaside heights, new jersey. utter devastation. there, the one-time amusement park at seaside heights. simon hobbs is in for sue herera today. >>> but first, to the aftermath of the storm and president obama's visit to the new jersey coastline. kayla tausche is live in atlantic city. kayla? >> reporter: hi, tyler. we just saw air force one fly right over us and headed likely toward the atlantic city airport. we have tons of residents in atlantic city who turned out very excited, very rambunctious to seat president. it is the first day of sun after days of wind and rain and of course the wreckage of sandy here is evident as a place that used to be home to more of a residential part of the boardwalk. residents would fish off of it and stroll here. not so much the business part of the boardwalk but the wreckage you're seeing here, nonetheless. here in atlanti
. this is the situation room. president obama tweeting out this very powerful. moving over here, you've got sandbags in jersey city, new jersey, justin solomon out with our reporter brian schactman in montauk tweeting that picture, and that's only gotten worse since then. there's more pictures from monta montauk. nbc's ron allen in atlantic city. check out this picture of al roker from this morning imagine what this must look like now in point pleasant, new jersey. can you see here we've got the fdr in new york city. over water. i mean, these pictures just get more and more compelling as you move on. it's unbelievable. we're going to keep following this as they come in, but for now, bill, back over to you. >> a highly photographed storm, that's for sure. thanks very much. >>> hurricane sandy could cause as much as $20 billion in economic damage and losses. how much of that impact is going to be felt by the insurance industry? don griffin is with us tonight with the property casualty and insurers association of america. don, thanks for being with us tonight. >> a pleasure to be here. >> lots of super
some shots of new jersey, one of the hardest hit states as a result of hurricane sandy. president obama in new jersey with governor chris christie touring some of the hardest hit areas of the state. is this brigantine, nng? this is certainly new jersey and we want to show you some of the other pictures if we can and take you back to the president and governor christie to get their statements as they spent the day today touring some of the worst and hardest hit areas of jersey. as we wrap up an ugly month meanwhile for wall street, the dow jones industrial average is down better than 3% on the month with the other major indices not faring much better. mandy drury is here with the october losers and a couple winners as well. >> absolutely. here are some great stats dug up by our cnbc crack data team. all three indices are breaking their four-month winning streak, as for the nasdaq 100, quite a lot of ugliness there on track for its worst october since 2008. it was october 2008 when it fell 16%. as for tech and telecom two of the worst performing sector this is month down more than 4%. app
to unleash. so i think the market psychologically with like to see a romney win, but even if it's obama, we can still make a plan. and that's the biggest problem. >> what happens if we don't find out the outcome of the election by wednesday morning? >> that's the talk of the town right now. downstairs everybody's talking that is the biggest disaster because if he with have that uncertainty continue -- i don't think it would go as lon at figure cal cliphysical kal clif that's the irs volumes have been low because we ecause there is no etting plan going forward. >> scott, we'll leave it there, but thanking for your perspective. we'll see you soon. the question on our minds here this morning, to run or not to run. that is our question. the big controversy over mayor bloomberg's decision to push forward with the marathon. one topic of outrage to touch on in chairs this morning. smart comes with 8 airbags, 3 a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. but don't just listen to me. listen to these
about 40 points. president obama's touring sandy's devastation in new jersey. could his leadership during the storm give him an edge on the election? donald trump a big supporter of mitt romney will join us and weigh in on that. >>> then, how much will sandy end up costing the insurance industry? aig ceo robert benmosche is with me in an exclusive. stay with us. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime... tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 trade at charles schwab for $8.95 a trade. tdd#: 1-800-345-2550 open an account and trade up to tdd#: 1-800-345-2550 6 months commission-free online equity trading tdd#: 1-800-345-2550 with a $50,000 deposi
. indeed, president obama in an interview last week, mentioned that he thinks there will be a solution, a grand bargain, sometime in the first six months of 2013. six months. that's a long time to get this it problem straightened out. >> yeah, so, i mean, if we do get an agreement in six months, does that mean that the u.s. doesn't go into a recession? >> well, first i want to say the metaphor fiscal cliff is probably the wrong one. you step off a cliff, that's your last step. for many politicians, the real metaphor is it's a slope. they gradually go into these tax increases and spending cuts. they feel they can turn around and walk back up the slope, retroactively reverse the changes. in that circumstance, in that scenario, it creates a lot of uncertainty for businesses and for taxpayers. what will our taxes be next year? how are we going to make some plans for our business or personal finances? it's that uncertainty that's going to, i think, have adverse effects for the economy. >> okay. that makes a lot of sense. michael jones, how do you want to invest here with all this? >> i thin
on the fronts? jackie deangelis has some of the stats with us. >> that's right, joe. president obama met with new jersey governor chris christie yesterday. the president touring some of the worst hard hit areas of the jersey shore saying 2,000 fema personnel are on the gloupd rou affected states. at least 74 people have died in the u.s. as a result of sandy. most of them from new york and new jersey. still 5.6 million customers in the dark. and it may be ten days before the hardest hit areas sea power restored. more than 19,000 flights were canceled because of sandy, but stranded passengers have something to be thankful for. newark and jfk airports were back in business yesterday and delta and american airlines are scheduled to resume a limited number of flights out of laguardia in about 30 minutes. the mta is also getting back to business with new york city subways offering limited service starting today. the m tcta is waiving all fees until tomorrow. so good news there. >> we're looking for any good news so thank you. the eye of hurricane sandy has hit the jersey shore hard. it wiped a
. in china. this is really -- this is maybe the most right now. obama/romney stock away from the business and obama's people, made it clear they won't sell the remaining stake in gm. tim massen said the same thing, and the disposal agent. romney's camp indicated they will take gm immediately. they will sell that stock, so that's a pretty by near situation. you will get results from ralph lauren. will they be the next company that we thought was doing well and europe slowed? the stock went down 13 points, but that won't be enough. anything negative at all on the call, ralph lauren trades hard, up and down on very little volume. please be careful. there are huge numbers reporting, companies reporting on thursday, including exon. i think that will be just fine, by the way. i want to hear from little chart industries, the company as an important recommendation, and key to our nation's attempt to harness natural gas. it's a huge cost control for the whole conversion. we'll be on it. kellogg is a trade and there was a time when kellogg was consistent, consistent, consistent. i think you want to
, could get the stock moving. in china. this is really -- this is maybe the most right now. obama/romney stock away from the business and obama's people, made it clear they won't sell the remaining stake in gm. tim massen said the same thing, the disposal agent. romney's camp indicated they will take gm immediately. they will sell that stock, so that's a pretty binary situation. you will get results from ralph lauren. will they be the next company that we thought was doing well and europe slowed? the stock went down 13 points, but that won't be enough. anything negative at all on the call, ralph lauren trades hard, up and down on very little volume. please be careful. there are huge numbers reporting, companies reporting on thursday, including exxon. i think that will be just fine, by the way. i want to hear from little chart industries, the company as an important recommendation, and key to our nation's attempt to harness natural gas. it's a huge cost control for the whole conversion. we'll be on it. kellogg is a trade and there was a time when kellogg was consistent, consistent,
, everybody. thank you, red cross. [ applause ] >> that was president obama at red cross headquarters in washington with some words of encouragement in the aftermath of superstorm sandy. we welcome you to "closing bell." mari maria, how are you doing? >> i'm doing well. i'm coming to you live from rockefeller center in new york city. the market closed once again today. it is back to business tomorrow, though, with the new york stock exchange and the nasdaq announcing plans for normal trading hours tomorrow. >> i'm bill griffeth. the superstorm did put the brakes on wall street for those two days. the death toll, unfortunately, continues to rise. millions are still without power across several states and will be for several days. but tomorrow will mark a big step toward normalcy for america an its economy as the stock market gets set to open once again. the big question now is, what happens when that opening bell rings tomorrow morning after such a long hiatus and such a disastrous storm? >> really unprecedented. we have team coverage today. scott cohn with the latest on the flooding n
lately, the spirit of cooperation we saw today between democratic president barack obama and new jersey republican governor chris christie could produce what could be the biggest public works project in a generation, to meet and entrust that national emergency. remember when president obama was elected, he said he'd put a lot of people to work in shovel-ready job. turned out there weren't that many jobs that were ready in. the wake of sandy, i don't think there are enough shovels ready for up and down the jersey and new york coast. these jobs will be created. this destruction, estimated between $30 billion and $50 billion. i think it's going to exceed that. maybe at least get to the high end. will finally move the employment need until this country. now, when we look at industries that have been hardest hit since the great recession, the one that stands out the most is the construction business. construction business is about half of what it was six years ago. the culprit, banks that are afraid to lend, excess of homes, no need for new buildings and roads. the federal government doesn't
boardwalks, businesses as well as homes. millions still without power. president obama is going to survey the damage today with governor christie, and coming in this morning, i heard -- i was listening to the radio and i heard a bunch of sounds from christie. >> he had gone to the shore yesterday. >> giving people hugs. the boardwalk is gone in a lot of places. we showed some amusement rides. kayla has spent two days in cape may. she's moved north to atlantic city where the damage is also extensive. hey, kayla. >> hey, joe. the president is scheduled to visit atlantic city here alongside governor christie. we'll be taking that live as it occurs. the brunt of the storm was born by the jersey shore. the entire state of new jersey still reeling. two million residents without power. and governor christie calling the damage incalculable. that's the job of officials as they start figuring out how to start repairing the damage that has occurred. some experts around the industry have tried to start putting a number on this. a disaster modelling agency forecast losses between ten and 20 billion do
.7 million people or 46% since obama took office, and those people buy the smaller units at dollar general. say what you want about the president, the increase in food stamps is a huge tail wind for dollar general. and it's natural they would have some major stock-up business ahead of this storm. however, hurricane sandy is just icing on the cake for dollar general. i can't do any trades because they're too flawed but this investment, i like. i would be telling you to make this investment without the food stamp stock-up business from the storm. why am i such a big fan of this one? dollar general is the best of the dollar steers. best management, it's been able to deliver consistent double-digit earnings growth for the last several years. second, there's been trouble in the dollar store space recently. i think this industry is still a terrific fit for the times we're in. it ain't no boom here. an environment of high unemployment, slow wage growth, expensive gas prices, you better believe that consumers are still going to trade down to cheaper merchandise. and the merchandise is about as goo
but they say they have plenty of money left in the fund. now, president obama earlier today met with some of his top disaster officials, including the admin straighter of fema, mr. few gate, at the white house in the situation room, getting the latest there. federal officials telling us that they have the money they need now and they will be able to send that out to the states now that these disaster declarations have been made. here in washington, locally, the worst passed us by, a flooded potomac river it is still in its banks. that means the worst is over here. back to you guys. >> thank you vet. super storm sandy slamming the east coast. we will talk about the impact on the gross domestic product and the retailer. >>> this video just came in of atlantic city new jersey. sections of the famous boardwalk washed away, turned into stick and stones. >>> whether the. even the initial estimates for damage hurricane sandy are staggering they bound to go higher. what will sandy's long-term impact be? joining us once again is paul walsh, vice president of weather analytics for the weather chann
obama, 46% for mitt romney. finally new hampshire, the only state in the northeast where mitt romney's a real threat to take away from democrats. president obama's got a 2 percentage point lead, 49-24. in all of these polls, we see that mitt romney is roughly even with the president on the -- who can best manage the economy. on their favorable ratings, mitt romney's has improved, but in each case the lead the president has among women is spllightly larger than the lead mitt romney has among men. simen? >> john, thank you. >>> let's move from sandy and the road to recovery. baby steps i'm afraid still being taken in the city of new york today, including reports that manhattan power may be back online during the course of the weekend. until then, things appear to be getting tense. our senior correspondent scott cohn joins me now from lower manhattan. scott, i just heard firsthand that some residential buildings are now hiring armed guards because of the type of threat that they have faced from people attempting to loot as, of course, the police make those very regular trips during the
essential versus nonessential. in any case, president obama and mitt romney have canceled campaign events today due to hurricane sandy, this only eight days left before the presidential election with polls showing an extremely tight race. joining us now for more is columnist and blger f blogger a contributor. james, thank you for getting up this morning. and you mentioned even just getting to the office, you are already seeing the rain. >> i have to admit that as i was coming in, i was -- even though i love cnbc and i love this show, i was regretting it just a little bit as the rain was heavier than expected and as soon as i'm done, i'm heading home and going deep into the bunker. >> yes, be safe. we know we see the path of the storm seems to be aiming directly for pennsylvania, although the impact because it's so large being felt all up and down the east coast. a lot of people wondering what this will mean for the election tuesday. >> well, one affect it could have, it could freeze the election wherever it is right now for the next half week or so. i think people will be focused on this
the positives. if president obama is reelected, the epa may wave a magic wanted and insist that coal is taken out much quicker than expected. that would crush the coal move. the charts indicate that the long bear market and it may be able to rebound. and rebound hard. i say if you believe, this is technical, it is still waiting to see who wins the presidency. i believe if romney does, you have a coal move. if obama wins, this whole thing could be in jeopardy and you will wish you never heard of any of these stocks. "mad money" is back after the break. ♪ ♪ [ male announcer ] its lightweight construction makes it nimble... ♪ its road gripping performance makes it a cadillac. introducing the all-new cadillac xts. available with advanced all-wheel drive. [ engine revving ] it's bringing the future forward. >>> big shake up at apple. the guy who canned google maps is canned. the guy who wrecked throughout the retail stores he is out of here. he got his team in place. sell sell sell apple. cook could have done nothing and sell sell sell apple. and people would say sell sell sell apple. we are
at the very end. cape may county one of the major disaster areas declared by president obama this morning. one of eight-counties across new jersey. cape may in addition to the likes of ocean county and atlantic county and ocean county, point pleasant, new jersey, got hit extremely hard as well as seaside heights, ocean city, all of those barrier islands and towns are completely flooded and access to the inland is hopefully going to be restored soon. as of right now, moving up to atlantic county, of course atlantic city, one of the hardest hit regions, of course, sa sandy making landfall just about five miles southwest of atlantic city last night. and even though the water has receded and there's not that much flooding in town from what we've seen, a lot of the damage has been done to businesses there. this morning on "morning joe" new jersey governor chris christie made some very, very dire assessments to what he expects the damage will be in atlantic city and on the jersey shore. take a listen. >> i think what we'll find, unfortunately, when we get to the jersey shore today is total devastati
together to get this economy going again. and that president obama has shown a path that we can trust and that mitt romney is not offering anything but the failed economic policies of the past, which say that the top 1% in this country should not pay their fair share. we reject that vision for america. >> let's not forget the 47% that don't pay any tax, right? >> that's also an inaccurate statement. >> 47% of this country does not pay income tax. that's not an inaccurate statement. at all. that's a fact. >> but they pay sales tax. there's lots of taxes that people pay. >> i'm talking about the federal income tax. >> right. that's right. but how is it that you think we can get this country going again if we don't have more investment like we did in the boom economy after world war ii where the wealthy and corporations were paying a lot more in order to make our country great. i think this nation is ready to return to the kind of greatness that we've seen before. >> we will see on tuesday. thank you so much. >> mary kay, thank you for joining us. >> of course, the big election tuesday.
. unemployment is higher today than when barack obama took office. think of that. >> now, maria, both candidates are going to be in ohio. crucial, all-important ohio, this weekend with just three full campaign days left until election day. there's a lot to be decided here and a lot riding on the next couple days. >> absolutely. thanks very much. my next guest says the jobs numbers are evidence, in fact that, the economy is making steady progress. here to make his case is andy stern. he's former president of the service employees international union. now a senior fellow at columbia university. before we get to that, there have been unconfirmed reports -- thanks for joining us, andy. >> good to be here. >> utility crews from out of state that are not unionized, they're getting a hard time, even turned away, by unionized local crews. have you heard this? what can you tell us? >> i haven't heard this. i would hope it's not true. this is a time -- i grew up in new jersey. i lived in new york. i saw a lot of devastatiodevast. we're all americans. we need to figure this out. >> and come together, sure.
obama up in ohio still. >> yeah, i think obama does have a slight lead in ohio. >> even though the cincinnati inquirer poll just had it tied. >> i understand that. >> it's not rasmussen. which polls do we believe now? >> i understand that. do you want me to -- should we keep going on this or shy deal with andrew's question about the ground game? >> no, we better talk sandy i think. >> okay. sandy effect on the vote is entirely speculative. there are a lot of people yakking about it, but mostly making stuff up. i'll go to a couple things. first of all, obama is believed to have a somewhat more extensive ground game, he has more people on the ground. so in theory, he has more to disrupt. the president's schedule has him doing more events that will have to be canceled than romney. on the other hand, because romney is down a field goal and needs something to happen, the idea that sandy could flereeze things in place for a few days is not necessarily good for him because he had momentum after the first debate. the momentum seems to have died out. it's left him in a very competitive
, this is a crucially important number for obama obviously going into the election. but more importantly, it will help us see really what's happening within the employment picture itself and is it actually improving or not. >> okay. thanks very much for joining us this morning. >> bp reported better than expected results for the third quarter. underlying replacement cost profit $5.2 billion, around a billion dollars ahead of estimates. dividend has risen. becomeky peck becky was talking to bob dudley. >> and he was talking about how the refining has helped earns this it time around.>> and he w the refining has helped earns this it time around. the difference denied increased by some 12.5% is having big impacts on the stock today, as well. i was asking why they chose now to increase the dividend and if there would be further hikes in the future and he said they clearly have the confidence to raise the dividend now. they will continue to have a progressive policy in the future. continue to sell off businesses. and he said they do still have some assets to sell, too, as they try to get back on track and
and remain conservative. it could be crushed by president obama. china is the growth market for peabody. big coal company. closed $29.28. it's been a remarkable run. the weirdest rally is tech. we have seen so many disappointments in tech, we forget how much of tech goes into china. huge market. so let's just say it was enough to reverse the trend of all of those stocks. they moved higher. it was as if they reported better, not worse than expected earnings. china provided the change at the margin to make this rally happen. china, not the u.s., which everyone knows is okay, and europe is getting much worse. when you get a number that breaks the fall of a huge economy like the one we got from china i i read about in zucotti park this morning, it spells growth. that's what we got. in return, so many of the industrial and tech stocks that had looked like ugly ducklings turned into beautiful swans -- white ones at that. i don't expect them to revert to their hideous stature. the first in a long line of positive numbers. let's go to george in virginia. >> caller: hello jim. i've got some biomed. i
with that report. >> we saw president barack obama in white house briefing room earlier today. basically his message was everybody ought to follow instructions given to them by state and local officials. the rest of the federal government here in washington is closed today. that includes the department of labor. however, folks at department of labor the bls is working hard on friday he's jobs report. the last one before election day. much anticipated. here's a statement we have from the department of labor. they say employees at bureau of labor statistics are working hard to ensure the timely release of employment data on friday, november 2nd. it's our intention friday will be business as usual recording the october employment situation report. no guarantees from the department of labor they're get this report out by friday because their workers are scatter add cross the region right now but they say their intent is to get it out. how could that affect the actual report itself? experts say in terms of the storm's impact in the last couple of days of the month, what you might see is an impact
electronically. president obama declaring the state of new york a disaster area because of sandy's impact, makes the state eligible for extra financial aid. it's closed most new york city tunnels and bridges as well and the mass transit biggest destruction in the 108 years the subway system has been around. will the labor department release the october jobs report scheduled friday morning? at this point the labor market it says it will make every effort to do so. as we continue to see the effects of the storm there is a chance the report could be delayed. the futures have been trading and will continue trading until 9:15. the dow futures down barely by 5 points, nasdaq off by 10.5 points, the s&p up by less than one point. >>> super storm sandy slamming the new jersey coastline hurling record breaking waves and leaving a path of destruction in its wake. the weather channel's jen carfagno joins us with the latest. >> joe, good morning, record breaking waves, record breaking surge, now seeing record breaking river levels. the delaware river set a new record. let me show you where we are with sandy
days leading into the election? >> i think there are three advantages to the obama campaign and to the president. one is just what you've identified. the president, by just doing his job and doing it well and by mi making sure that fema performs well and the entire federal bureaucracy responds officially, he gets points. he looks like a leader. he looks like someone in command. that's always good for undecided voters. it's always good to motivate someone in his base who wasn't sure they were going to vote. secondly, if you subscribe to the theory that the romney campaign had momentum t looked like it did in some of the swing states. this is a timeout for three days. it's like a basketball game where one side is coming back from being way down and they're only two buoyapoints down. all the sudden the scoreboard clock goes down. for ten minutes they repair the clock. after that, the team has lost its momentum. i think the guy that had momentum is hurt by a three-day layoff. thirdly, there's a fundamental distinction between the two campaigns and two visions. one says that gove
for president obama. you've certainly declared. i wanted to know is this the kind of october and november now surprise that can benefit a sitting president more than a candidate? >> well, who knows. i mean, you know, there's been -- i've heard it argued both ways, jim. that, you know, the people who are lower income are going to have more difficulty getting to the polls. other people have indicated that -- that it will favor the sitting president. certainly i hope that's the case. but i can't predict that. >> jim, i wonder, though, we're getting some fresh polling out of ohio where the president once not long ago, jim, had a five-point lead. it looks very even right now. people still discussing a participation gap, an enthusiasm gap versus his first election in 2008. how do you -- how worried are you about that? >> well, obviously concerned. i would expect that in michigan and ohio where the car industry has been reenergized, that that would have a significant impact. we certainly notice that our business in those two states is pretty good. so that was a help for us relative to the economy. >
. the story continues. we're waiting for president obama and governor christie's arrival. that will be an interesting bipartisan moment here in atlantic city. >> that fire hydrant picture is stunning. scott cohn, you're in a part of manhattan that's described as two different cities right now. that couldn't be more true. >> reporter: good morning from wall street. we moved inland from battery park and if you were just dropped here from outer space and just looked around for a second, you might think that this is a regular day at the office. of course it's not. mayor michael bloomberg was here to ring the opening bell for trading. we asked him as he came out of the exchange about the symbolism of that opening bell. >> it's good for the city and good for the country and good for everybody to get back to work. >> reporter: as you can see, the workers are here. many of them got here before dawn to try to get things going. it is not easy to function in your daily life on wall street today. nothing is open. there's no power around here. more to the point, there are a lot of iss
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